Hyundai Heavy Industries Co. (009540) will build five vessels each capable of carrying 18,400 20-foot containers for $700 million for China Shipping, the Ulsan, South Korea-based company said in an e-mailed statement today. Delivery will start in the second half of 2014.

Shipping lines, including Maersk and Evergreen Group, are adding bigger vessels that burn less fuel and have lower emissions to reduce costs. Maersk next month will take delivery of the world’s biggest container ship, which can carry 18,000 boxes, from Daewoo Shipbuilding & Marine Engineering Co. (042660).

The ships Hyundai Heavy will deliver to China Shipping will use an engine that can automatically control fuel consumption to suit speed and sea conditions, helping to improve fuel efficiency, reduce noise and cut emissions.

Hyundai Heavy, the world’s biggest shipbuilder, has received $9.7 billion of contracts for ships and offshore projects this year including the latest order, it said. It has achieved 41 percent of the $23.8 billion target set for 2013.

Maersk ordered 20 ships of the type that can each carry 18,000 boxes in 2011, which was the world’s biggest then. Five of the vessels are scheduled for delivery this year.